Payoff is an online financial company that offers personal loans for the specific purpose of consolidating and paying off high-interest credit card debt. Payoff is not a bank; like most online lenders, it partners with banks and credit unions to provide loans. Still, if you're asking "is Payoff legit?" The answer is yes. Payoff® Loans are for borrowers who are serious about eliminating their credit card debt.
In our complete Payoff personal loans review, we'll explore the great things about a Payoff® Loan, as well as features that could be improved upon.
|Lending Partner||Best For||Rating||Min. Credit Score||Loan Amounts||APR Range|
Reducing high-interest credit card debt
Rating image, 4.5 out of 5 stars.
4.5 starsWe want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score:
$5k - $40k
5.99% - 24.99%
Low APRs: Payoff's APRs start at just 5.99% which is one of the lowest personal loan rates on the market. Payoff is able to offer these low rates because it requires its borrowers to have a higher FICO® Score and lower debt-to-income ratio than other lenders.
Long loan terms: Payoff's loan terms range from 24 to 60 months. Thus, borrowers can pick a repayment term that is long enough to give them some breathing room in their budgets.
No hidden fees: Payoff only charges one fee: An origination fee of between 0% and 5% of the amount borrowed. In fact, they've eliminated fees that other lenders cling to, like late fees and returned check fees.
Free FICO® Scores: If you accept a loan from Payoff, you'll get access to a free FICO® Score that updates once per month. Having access to a true FICO® Score is valuable, as it allows you to see the score that lenders use to make credit decisions. Most free credit scores you find online are just simulations or approximations of your true credit score.
Apply without harming your credit score: While this feature isn't unique to Payoff, it is invaluable. Payoff can give you a quote for a loan by doing a soft credit check, which won't hurt your credit. Payoff will only carry out a hard check of your credit report if you decide to move ahead with the loan. This enables you to shop around for a low rate without having inquiries weigh down your credit score.
Large loan amounts: A Payoff® Loan can range in size from $5,000 to $40,000, which makes it a great one-stop shop for people looking for loans for debt consolidation.
APR range: The upper range of the interest rate is currently 24.99%. Let's say you take out a $10,000 loan for 24 months. At 24.99%, your monthly payment would be about $533. The total amount you repay in those two years would be $12,792, or $2,792 more than originally borrowed.
Minimum loan amount: With a minimum loan amount of $5,000, a Payoff® Loan is not the right fit for someone looking to borrow a few thousand dollars.
Payoff is very clear about the types of borrowers who are most likely to get approved for one of its personal loans. Here are the basic Payoff® Loan requirements:
Payoff loans have made the application process simple. It works like this:
There is no such thing as a one-size-fits-all personal loan. For that reason, do yourself the favor of checking out the rates and terms offered by our other lending partners, including:
A Payoff® Loan generally works well for people who have good incomes and good credit scores but simply got into trouble with high-interest credit card debt. If the following statements apply to you, a personal loan from Payoff is worth considering.
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